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Home Markets Currencies

Nigerian Banks to stop “instant completion” for forex transfers online

Chike Olisah by Chike Olisah
March 11, 2021
in Currencies
The New Normal – Digital Transfers and Remittance in Nigeria
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Commercial Banks in Nigeria are informing customers that they can no longer make instant online transfers out of their domiciliary accounts without proper documentation.

Before now, all a customer had to do was log into their banking application on their mobile phone or via a browser to make transfers without the need to provide any documentation. However, emails sent to customers by banks as seen by Nairametrics contain new documentation requirements that must be provided before the transfers are allowed to proceed.

Here is an excerpt of an email seen by Nairametrics

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“This is to inform you that instant completion for international transfers on our digital platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents. Kindly ensure you send relevant supporting documents for your international transfers immediately transaction is initiated online to……….”

The bank also advised its customers on the type of supporting documents required as follows;

“Samples of supporting documents to be provided for international transfers to third parties are;

  • Invoices
  • Bills
  • Demand Notes, etc

“For Medical, insurance, school fees, subscriptions and other similar invisible payments. For transparency and in line with CBN eligibility requirement, purpose of payment must be clearly indicated for all international transfers in the narration section provided.”

READ: How fintech companies are wrestling with commercial banks in Nigeria

The advice from the bank also informed its customers that transfers that do not include the supporting documents listed above will be rejected after the assigned cut off time.

“Please note that for control purposes, all payments initiated without the relevant supporting documents being sent to the above noted email will be rejected after the existing currency cut-off time (EURO- 1.30PM, GBP & Others- 2.30PM and USD- 3.30 PM) same day.”

READ: Diaspora remittances are down 61% YoY highlighting need for CBN’s Naira4Dollar promo

What this means

Nairametrics inquired from one of the banks to get an understanding of what this means and how it affects customers seeking to make transfers.

  • Where does this rule apply? This rule applies only to online transfers outside of a bank using your mobile app or internet banking.
  • To make the transfer, you will attach documents via email and then wait for them to be approved by the backroom staff of the banks before the transfer is finalized. Without the approval of those in the backroom, the transfer will not be completed.
  • Transfer from your account to your personal account – We understand this will not be affected by this rule as no supporting document is required to make transfers from your personal account to another personal account or from one company account to the same account overseas.
  • Transfer from your account to a third party – You will be required to provide any of the respective documentation required above for any transfer between your account and a third-party account abroad.
  • This rule will affect how people transfer forex from one account to another and will impact everything from you transferring money to your spouse, sibling, or family member, payment of invoices, and other forms of online transfer that did not need documentation.

READ: Zenith Bank GMD explains why its difficult for SMEs to get loans from  banks

Why this matters

Nairametrics analysts understand this is yet another attempt by the central bank to track the flow of forex within the banking system, reducing incidences of undocumented transfers or currency exchanged occurring outside of the banking sector.

  • Critics believe this is another desperate attempt by the apex bank to restrict foreign currency flows via banks and outside of the official systems.
  • Millions of dollars of transactions occur on a daily basis outside the banking system as Nigerians prefer to transact foreign exchange at black market rates rather than the official rates which they do not believe reflects the true value of the exchange rate.
  • This rule will gross affect Nigerians seeking to make peer to peer cryptocurrency transfers as they will not need to provide documentation for their transfers to be processed.

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Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 9

  1. James Madubueze Amuji says:
    March 11, 2021 at 4:53 pm

    Those that mean we cannot do transfer, to a company account for them to send u goods to sale in ur shop, again, or those that do online business wetin the country, so they cannot transfer money to ther partner?

    Reply
  2. Lydia says:
    March 11, 2021 at 5:38 pm

    I don’t know about others but I use black market rates for transfers because I have no option. I think it’s incorrect to say Nigerians”prefer black market because the Naira is overvalued”.

    Reply
  3. Agito says:
    March 11, 2021 at 10:19 pm

    I’d like to know if funding your forex broker account is included in this new policy. If so, banks will soon go extinct.

    Reply
  4. Chika says:
    March 11, 2021 at 11:07 pm

    The word “International transfer” is ambiguous.

    Reply
  5. K C says:
    March 12, 2021 at 8:55 am

    A little more explanation on bullet point 3 in ‘Why This Matters’
    -‘This rule will gross affect Nigerians , is not very clear to me. How will it affect P2P crypto transfers .

    Thanks for the great job sir!

    Reply
  6. Anonymous says:
    March 12, 2021 at 1:23 pm

    Poor article. Fails to address a very important question, if if this policy affects foreign transfers to local dorm accounts of third parties.

    Reply
  7. DANIEL says:
    March 12, 2021 at 10:28 pm

    Is the law also applicable to transferring of funds from your forex account to your local bank account or is it only applicable for deposits?..

    Reply
  8. Queenideas says:
    March 13, 2021 at 6:13 am

    What I understand from this is that it will further worsen the bad economy in Nigeria and increase inflation. People are really suffering and this was intended worsen it.

    What can we do to combat this evil perpetuated by the government? Are we going to keep folding our hands or get more serious in prayers to God almighty to help deliver this Country from the hands of our bad Leaders.

    Reply
  9. My Name says:
    March 15, 2021 at 12:35 pm

    1. We all know that the corrupt ones are the people in the highest places (a.k.a. policy formulators, etc.)
    2. This is an attempt to poke their noses in people’s private lives.
    3. It is also an attempt to expose people’s legitimate information to “processors” who might have been instructed to “sell” all such information to other people,on behalf of the people that they may be working for.
    4. With the 3 months $1 for 5 naira just starting, are they asking people to present information about their finances before they can send money to family and friends abroad, or even pay for digital goods and services, most of which are delivered immediately after payment via online transfers? Or to supply your financial information just because you want to buy something from an online store like jiji.com, jumia, ebay, amazon, etc.
    5. Thieves in highest places!

    Reply

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